Amended Atlantic City Aid Package Approved By NJ Legislature
TRENTON, N.J. (CBS) - The New Jersey state senate has approved changes to three bills aimed at helping financially challenged Atlantic City, charges demanded in a conditional veto from Governor Chris Christie.
The major part of the package allows the casinos to make set payments in lieu of real estate taxes for 15 years, a move that is meant to stop tax appeals that have Atlantic City teetering on the brink of bankruptcy. It's thought this plan would provide the city 120 million dollars a year.
The Assembly approved the same changes last month. Atlantic County Assemblyman Vince Mazzeo hopes the Governor will act quickly so the aid can start flowing:
"These bills are there to stop the bleeding," he told KYW Newsradio, "and stopping the bleeding is for the residents and the many people who are paying these high property taxes not only in Atlantic City but in Atlantic County."
Opponents suggest the package aids the casinos far more than the people.
The other two bills redirect tax money to the troubled town. One takes taxes used for redevelopment and puts it directly into the city's coffers. The other eliminates the Atlantic City Alliance, which handles the city's marketing efforts.
That money goes to Trenton, with the state requiring Atlantic City with a financial plan that would have to be approved bi the state before that money is released.
But Mazzeo says the casino tax PILOT program (Payment In Lieu Of Taxes) is the key here:
"The tax appeals for casinos goes away and we have a steady revenue flow for Atlantic City. They know exactly what they're going to get from the casinos and the casinos know what they have to pay."
Christie has until the 19th to decide to sign the package or veto it again.